Search results for Ryan Cohen
Games & Commerce
GameStop pursues $55.5 billion bid for eBay
Video game retailer GameStop has made a private $55.5 billion takeover offer for e-commerce company eBay, the BBC and other foreign media reported on May 4. GameStop offered $125 per eBay share, $20 above Friday’s New York close, and plans to pay in a mix of cash and stock. The BBC said GameStop secured a $20 billion debt financing commitment from TD Securities. CEO Ryan Cohen said he would appeal directly to shareholders if eBay’s board rejects the proposal.
AI & Enterprise
GameStop considers bid for eBay, WSJ reports
Video game retailer GameStop is considering making a proposal to acquire e-commerce platform eBay as early as May, the Wall Street Journal reported. GameStop CEO Ryan Cohen previously said the company was seeking retail acquisition targets to expand beyond offline game sales, a direction backed by major shareholders including Michael Burry. After the report, GameStop shares rose 6 percent and eBay shares gained 13 percent in after-hours trading.
Crypto
GameStop moves all bitcoin holdings, raising possibility of sale
GameStop transferred all 4,710 BTC it holds to Coinbase’s institutional trading platform, prompting speculation it may be reviewing its bitcoin strategy. On Jan. 24, CryptoQuant raised the possibility that the company could sell. GameStop bought 4,710 BTC in May at an average price of $107,900. With bitcoin trading at $90,800, selling all would imply an estimated loss of about $76 million. GameStop has not officially said whether it will sell.